Illustration: David Wyffels

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Why It's Important: The median pay raise for 2015 is expected to be around 3 percent. So challenge your family to give your budget a 10 percent raise by cutting your spending 10 percent.

Do This Now: Once you input your income and outflow into the Expense Tracker on my website, print it out and circle every expense that is a want (not a need), then figure out how to reduce or eliminate it.
Please note: This is general information and is not intended to be legal advice. You should consult with your own financial advisor before making any major financial decisions, including investments or changes to your portfolio, and a qualified legal professional before executing any legal documents or taking any legal action. Harpo Productions, Inc., OWN: Oprah Winfrey Network, Discovery Communications LLC and their affiliated companies and entities are not responsible for any losses, damages or claims that may result from your financial or legal decisions.